What is the force that encourages individuals and businesses to improve their material well being?

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What is the driving force that encourages people to improve their material well
What is the incentive that encourages people and organizations to improve businesses?
What is the drive to improve your material well
What is the force that directs the actions of individuals and businesses in a market system?
What people want or expect in the way of material well
Which part of the economy involves the transactions of individuals and businesses?

Which of the following correctly describes a traditional economy?

Buyers and sellers decide what to produce.

The U.S. is an example of a traditional economy.

The basic economic questions are answered based on ritual, habit or custom.

A central planning authority decides what goods and services to produce and how to produce them.

The government has the greatest degree of involvement in which of the following?

traditional economy

command economy

market economy

laissez-faire economy

The high degree of freedom in a market system is illustrated by the fact that _________.

producers may make whatever they think will sell

individuals are told when and where to work

producers make their products only in tried and true ways

consumers buy the goods and services they are told to buy

Which of the following is NOT one of the broad economic and social goals of the United States?

economic freedom

economic efficiency

economic equality

economic security

High rates of inflation tend to ______.

decrease prices

increase interest rates

make budgeting easier

stimulate business activity

How might a policy that keeps foreign-made shoes out of the United States work against a major economic goal?

by preventing full employment of American shoemakers

by curtailing economic freedom of American consumers

by creating less economic equity among shoemakers

by decreasing growth in the American shoemaking industry

What argument might a supporter of a higher minimum wage use?

A higher minimum wage increases costs of production.

A mandatory increase in wages restricts the freedom of employers.

To pay higher wages, employers will have to hire fewer workers.

Minimum wage earners need an increase to cover basic needs.

In free enterprise, the characteristic of voluntary exchange allows __________.

workers to accept or reject jobs

businesses to sell goods wherever they want

people to own and control their possessions

buyers and sellers to both benefit from a transaction

In economics, profit is defined as the _______.

extent to which persons are better off at the end of a period than at the beginning

driving force that encourages people to improve their material well-being

struggle among sellers to attract customers while lowering costs

willingness to risk everything to make dreams come true

Which of the following does NOT illustrate the concept of consumer sovereignty?

introduction of new gaming systems

TV shows cancelled due to low ratings

discontinued products such as the Ford Edsel and “New” Coca-Cola

All of the above illustrate the concept of consumer sovereignty

What is the driving force that encourages people to improve their material well

Profit motive encourages people to improve their material well-being. In a free enterprise system, business owners and managers, not government officials, make decisions on how their business will be run. Maximizing profits is the driving force behind these decisions.

What is the incentive that encourages people and organizations to improve businesses?

Coach Sutton.

What is the drive to improve your material well

Chaper 1-3 vocab.

What is the force that directs the actions of individuals and businesses in a market system?

The primary driving force of the market system is self interest. Entrepreneurs try to maximize their profits; property owners want the highest price for their resources; workers choose the job with the best wages, fringe benefits and working conditions.

What people want or expect in the way of material well

Standard of living refers to the quantity and quality of material goods and services available to a given population.

Which part of the economy involves the transactions of individuals and businesses?

A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.

What is the force that encourages individuals and businesses to improve their material well being?

What is the driving force that encourages people to improve their material well

What is the incentive that encourages people and organizations to improve businesses?

What is the drive to improve your material well

What is the force that directs the actions of individuals and businesses in a market system?

What people want or expect in the way of material well

Which part of the economy involves the transactions of individuals and businesses?

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